Industry
RSA Canada has reported an 8% growth in its 2012 financial results, to $2.55 billion in net written premiums, compared to roughly $2.36 billion the year before. “Strong organic growth across personal and commercial broker product lines was supplemented by three months benefit from the acquisition of L’Union Canadienne, which provides RSA with a robust […]
By Canadian Underwriter | February 20, 2013
2 min read
The global use of transactional insurance, a type of insurance tailored to address issues that arise in a commercial business transaction, could rise by as much as 25% this year, suggests Jeffrey Cowhey, president of United States-based Ambridge Partners LLC. The firm, a managing general underwriter of transactional, management liability, contingency and specialty management liability […]
Marsh announced Tuesday it is creating a single global risk management (RM) practice group by bringing together G5, the company’s largest account platform, its multinational practice and its existing RM operations. The move is meant to enhance focus on meeting the evolving needs of the company’s largest clients worldwide, Marsh notes in a statement. Tim […]
International financial research and consulting firm Celent recommends that organizations consider five tiers of data capability to help determine not only where they currently are when it comes to big data, but also where they should be. A new report released yesterday, Big Data: A Guide to Where You Should Be, Even If You Don’t […]
5 min read
Questionable claims are up in the United States, reaching a new record in 2012, notes the National Insurance Crime Bureau in a new report. Questionable claims are those claims that NICB member insurance companies refer to NICB for closer review and investigation based on one or more indicators of possible fraud. A single claim may […]
By Canadian Underwriter | February 19, 2013
1 min read
This year will likely see “rapid expansion” of telematics and usage based auto insurance programs among North American insurers, notes a new report from industry research firm Strategy Meets Action. According to SMA’s research, 70% of auto insurers are in some stage of executing, developing or planning UBI programs. There are currently 18 insurers that […]
Saskatchewan Government Insurance (SGI) has submitted a proposal to the Saskatchewan Rate Review Panel that, if given the green light, would result in approximately 57% of vehicles with higher auto rates, while about 43% would see rate decreases or no change. The SGI has proposed a 1.03% increase on auto fund rates and a 1.23% […]
Russia emergencies minister Vladimir Puchkov visited the scene after a meteor disintegrated over the Chelyabinsk region in Russia’s central Ural Mountains, prompting reports of property damage and hundreds of injuries. “We enforced emergencies ministry brigades and are restoring the buildings to protect people from the cold and are cleaning all the interiors. We will be […]
3 min read
The Co-operators General Insurance Co. announced Thursday its financial results for 2012, reporting net income of $257.7 million on direct written premiums of $2.1066 billion for the full year. Last year, the Guelph, Ont.-based firm recorded net income of $150.3 million on direct written premiums of $2.05 billion. “Improved results are primarily driven by policy […]
By Canadian Underwriter | February 15, 2013
Guidance on how language within building and plumbing codes should be interpreted with respect to backwater valves should support mandatory installation in all or most new Canadian homes, suggests a research paper released today by the Institute for Catastrophic Loss Reduction (ICLR). The paper recommends rewording or clarifying sentences in the National Plumbing Code and […]
4 min read
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